H1 2024/25 Results presentation

Unic (Jávea, Alicante)

Legal Disclaimer

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This presentation has been prepared by AEDAS Homes, S.A. (the "Company") and comprises slides for a corporate presentation to the market of the Company and its subsidiaries (the "Group").

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This document is a translation of a report originally issued in Spanish. In case of any discrepancy, the Spanish-language version will prevail.

The definition and purpose of the Alternative Performance Measures referenced in this presentation are available on the Company's website: here

01

02

03

04

Market

underpinned

by solid

fundamentals

Outstanding

sales

momentum

Accelerating

deliveries

Diversified

growth

• Positive outlook for the Spanish economy: GDP growth of +2.9% in 2024 and +2.1% in 2025 vs. +0.8% and +1.2%, respectively, in the Eurozone (IMF, October 2024)
• Easing of monetary policy: 110 bps reduction since June 2024
• Yawning gap between number of households and new-buildconstruction: +246k new households forming per year (2024-2039) vs. annual new-build production of 85k-90k units
• 1,492 net BTS sales (+68% vs. H1 2023/24), including 148 in co-investment
• ASP: €429k (+3% vs. BTS sales for FY 2023/24)
• Order Book: 4,289 units valued at ~ €1.7 billion (including €100m from Priesa and €330m from co-investments closed in FY 2023/24)
• 922 homes delivered, of which 184 are BTR (+45% vs. H1 2023/24)
• Total revenue derived from deliveries: €297m (+30% vs. H1 2023/24)
• Gross margin on BTS developments: 23.2%
• Accelerating investment: product diversification and affordable housing
• • Organic land investment: €111m
  • Acquisition of Grupo Priesa: ~€50m
  • Co-investmenttransactions for flex living developments
  • Awarded an additional 944 affordable rental units through Plan Vive III, all now under construction

Azure (Estepona, Málaga)

01 Consolidating our development platform

Market consolidation: acquisition of Grupo Priesa

An attractive strategic transaction aimed at expanding the AEDAS balance sheet and entering new consolidated markets

Note: (1) The Allocation of the Purchase Price is still provisional as of the date of this presentation, with the final impact to be reported in the FY 2024/25 annual accounts

Growth strengthened through co-investment and providing

development services

2,400+ new units(1) in "Co-investment" or "Management Only" format expected to generate €28m in fees, primarily over the next 4 years

Notes: (1) Includes the 3 JVs in the Priesa portfolio for the development of 149 BTS units; (2) Includes the flex living project in the Priesa portfolio

Active investment activity: Over €110 million in new BTS investment

Note: (1) Expressed in terms of total RTB cost

Continuing our scale up: ~21,200 units in total land bank under

management (80% active)

Comprises wholly-owned land, co-investments and developments under management for 3rd parties

Notes: (1) Includes committed transactions pending deed registrations ("off-balance sheet transactions") as of 30 September 2024; (2) Includes those off-balance sheet transactions already active; (3) Change from March 2024 (18,003 units as of 31 March 2024)

Largest active residential portfolio in Spain: ~17,000 active units

Comprises wholly-owned units, units in co-investments and units under management for 3rd parties

Notes: (1) % of units corresponding to AEDAS Homes' consolidated business, meaning the business where AEDAS maintains control (including integrated Priesa units as well as off-balance sheet operations); (2) Includes 431 units in off-balance sheet assets as of 31 March

Elion (El Cañaveral, Madrid)

02 Business performance